China's surging steel exports, a source of growing friction with its trade partners, rose 77 per cent in May compared with a year ago, according to government figures reported yesterday.
Exports of rolled steel totalled 5.6 million tonnes, the official Xinhua News Agency said, citing the customs agency.
Xinhua said the May export total was down 13.8 per cent from April.
Beijing has been trying to rein in steel exports to ease tensions with its major trading partners whose own steel makers are struggling against a flood of low-cost Chinese imports.
Chinese leaders also are worried about the industry's rising energy demands and impact on the environment.
The Beijing government has eliminated rebates and imposed a new tax on exports to discourage foreign sales.
Exporters probably rushed to ship as much steel as they could to beat the new export duty, which took effect June 1, Xinhua said, citing officials at the commerce ministry.
Steel exports for the first five months of the year totalled 25 million tonnes, up 117 per cent from the year-earlier period, Xinhua said.
Source : http://www.thestar.com/Business/article/225741
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